Shiba Inu is one of the top performing crypto assets in its space this year. In terms of price, it is not at the same level as Bitcoin and Ethereum. However, it quickly became one of the most popular cryptocurrencies and saw worldwide adoption. However, the Shiba Inu’s popularity will likely increase further into 2023. So how high can the SHIB price go?
Shiba Inu price has visited lows below $0.00001000. After that, it rapidly ascended. Thus, the meme coin has seen a 6.5% increase in the last 24 hours and is currently changing hands at $0.00001044. Now SHIB is aiming to break the resistance at $0.00001100. If this happens, the bulls will likely try to push the price higher. Such a move would invalidate the meme coin’s broad downtrend within the confines of a falling parallel channel.
How much higher will the SHIB price go up?
The crossing line of the descending channel has dropped its value by just over 5% in one day. After that, it came in handy for SHIB on Thursday. Now, investors are looking at the possibility of breaking out of the strong bearish shackles on the token’s price chart. It seems like it’s only a matter of time before the Shiba Inu price rises. Data from the stochastic oscillator formed a positive deviation from the moving average. This indicates that investors on the sidelines are starting to join the uptrend.
Bull market participants should wait for SHIB price to confirm its move above the falling channel before activating long orders. However, a buy signal from the MACD indicator would also help. This signal is extremely important to ascertain the validity of the much anticipated trend reversal of the SHIB. The buy signal will appear when the 12-day EMA breaks above the 26-day EMA. The Shiba Inu uptrend will get stronger if the MACD settles above the average line.
Whales continue to hoard Shiba Inu
Considering the whale activity, it may be too late for the Shiba Inu price recovery. Santiment’s on-chain data reveals a significant increase in the supply of SHIB held by over-the-counter whales. The chart below shows that the supply held by these whales has increased by 11.07%. Accordingly, they currently hold 757.92 trillion Shiba Inu while holding 673.92 tokens in the past. Meme coin’s price stability is likely to depend on these whales. Otherwise, his earnings would be at an all-time low.
Investors should pay attention to these levels in SHIB price
Investors should step up, bearing in mind that the bear market is far from over. At the moment it is important to make a profit whenever possible and to minimize losses on dips. However, IntoTheBlock’s IOMAP on-chain model shows intense resistance at $0.00001100. At this level, approximately 24,200 addresses hold 55.88 trillion tokens. SHIB holders in this range will sell as the price surge reaches $0.00001800. This could derail the current recovery. It could also drop the price below $0.0000000.
Will 2023 be the year of the Shiba Inu?
Shiba Inu witnessed major developments in 2022, including the launch of its mobile game, Shiba Eternity, as we have reported on Kriptokoin.com. The Shibarium Layer-2 update is still scheduled to be released before the end of the year. However, there is a possibility that it will be delayed until the beginning of 2023. This development will be a big thing for the SHIB token. Because Shibarium will lead to significantly lower gas prices. It will also integrate a built-in ‘burn’ mechanism that can remove tokens from circulation.
Shiba Inu developers didn’t reveal much for SHIB token updates in 2023. Currently, investors expect the SHIB price to continue its recovery after its spring 2022 crash. However, there isn’t much in 2023 other than Shibarium updates about the token. Therefore, it is difficult to predict for the next few years for the token. However, SHIB looks set to continue to grow in popularity. This will likely move the token even further.
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